In 2014, we met with some of the technical leads of a major Chinese river basin authority in Beijing and asked them whether they were more worried about pollution or climate change impacts. Both, the engineers replied. Pollution affects us every day, they said, but changes in the climate erode our ability to supply drinking and irrigation water, manage floods, and generate electricity.

China must address its environmental and climate change challenges, such as reducing water pollution and building resilience to droughts, floods, and long-term climate shifts. But existing sources of finance have not met the growing demand for environmental projects.